Getting Financing For Your Park Model Home
Getting Financing for Your Park Model Home
What is a Park Model Home?
Park model homes, also known as recreational park trailers, are considered a type of recreational vehicle (RV). They are designed to provide a living space for extended stays in parks, but they are also used as primary residences. Park models are typically smaller than traditional manufactured homes, but they offer many of the same features.
Who Finances Park Model Homes?
In the past, financing for park model homes was offered through specialty lenders. However, with the increasing popularity of these homes, more traditional lenders are now providing financing. Some of the lenders offering financing for park model homes include banks, credit unions, and mortgage companies.
What to Know Before Applying for Financing
Before applying for financing for a park model home, there are a few things that you should be aware of. First, you will need to provide proof of income and have a good credit score. Second, you will need to have a down payment available. Many lenders will require at least 10% down. Third, you should be aware that the interest rate on a park model home loan will typically be higher than a traditional home loan. Finally, you should be aware that many lenders require that the park model home be placed in an approved park or RV resort.
What to Look for in a Lender
When looking for a lender to finance your park model home, you should look for one that offers competitive rates and terms. You should also look for a lender that has a reputation for providing excellent customer service. Finally, you should look for a lender that is knowledgeable about park model homes and the financing process.
Conclusion
Financing a park model home is becoming more and more accessible thanks to traditional lenders. Before applying for financing, be sure to do your research and find a lender that offers competitive rates and terms. With the right lender, you can be on your way to owning your dream park model home.
0 Response to "Getting Financing For Your Park Model Home"
Post a Comment